Memecoins
WIF rises 3%, SHIB drops 7% in 24 hours: ‘Memecoin mania’ ends?
As Shiba Inu bleeds, dogwifhat gains bullish momentum and rises by more than 3%.
- WIF’s social volume remained higher than that of SHIB.
- Bearish sentiment around WIF was dominant despite the price rise.
While most cryptos, including trending meme coins, bled, dogwifhat [WIF] performed differently as its price chart turned green in the last 24 hours.
On the other hand, Shiba Inu [SHIB], the second-largest meme coin, was down by over 7% during the same period.
WIF’s recovery looks remarkable
After a sharp drop on the 14th of April, WIF’s price gained bullish momentum and quickly recovered.
Though the meme coin’s price had fallen by more than 20% last week, it was among the handful of cryptos that managed to push its price up by over 3% in the last 24 hours.
According to CoinMarketCap, at the time of writing, WIF was trading at $2.81 with a market capitalization of over $2.8 billion.
Unlike WIF, SHIB remained bearish. The meme coin’s value sank by over 7% in the last 24 hours. At press time, it was valued at $0.00002232 with a market cap of $13.15 billion.
Not only did WIF outshine SHIB on the price front, but also on the social front. AMBCrypto’s analysis of Santiment’s data revealed that WIF’s social volume remained higher than that of SHIB.
This bearish price action caused the latter’s Weighted Sentiment to drop, despite its green price chart.
Source: Santiment
AMBCrypto then checked WIF’s liquidation heatmap to see the possible targets the meme coin might reach if the bull rally sustains.
As per our analysis of Hyblock Capital’s data, the meme coin has a clear path up to $3.9. A successful breakout from that level could result in the meme coin touching $4.2 or even $4.5 in the coming weeks.
The possibility of this happening seemed high, as a few of the metrics were bullish. For instance, its Open Interest increased in the last few hours along with the meme coin’s price.
A rise in the metric indicates that the chances of the ongoing price trend continuing are high.
However, nothing can be said with certainty, as selling pressure on WIF was increasing at press time.
Lookonchain’s tweet revealed that a whale dumped 1.22 million WIF for 3.13 million USDC at $2.56 in the recent past.
Source: Santiment
What’s going on with Shiba Inu?
While most metrics looked bullish on WIF, the same can’t be said for Shiba Inu. AMBCrypto’s analysis of Santiment’s data pointed out that SHIB’s MVRV ratio dropped.
Read dogwifhat’s [WIF] Price Prediction 2024-25
Meanwhile, its NVT Ratio spiked, suggesting that SHIB was overvalued. This can cause the meme coin’s price to plummet further.
Nonetheless, SHIB’s Supply on Exchanges dropped, indicating buying pressure on it was high.
Source: Santiment
